"We had a strong finish to the year. Our operational execution, innovative product introductions, and break-through marketing are differentiating us competitively and delivering results," said Nigel Travis, Chief Executive Officer, Dunkin' Brands Group, Inc., and President, Dunkin' Donuts U.S. "We continue to grow our brands globally, adding more than 600 net new Dunkin' Donuts and Baskin-Robbins locations last year. The long-term agreement we signed with our Dunkin' Donuts franchisee-owned procurement and distribution cooperative was a significant step forward in support of our goal to accelerate the growth of the brand across the U.S. In 2011, we executed our strategy, remained laser-focused on our priorities, and we believe we have positioned the
Company to deliver sustainable long-term growth."

Dunkin' Donuts U.S. comparable store sales were up 7.4% and Baskin-Robbins U.S. comparable store sales were up 5.8%

269 net new Dunkin' Donuts and Baskin-Robbins locations globally

Revenues increased 12.5% over the fourth quarter of 2010 to $168.5 million; on a 13-week basis, revenues increased 7.2% to $160.5 million

Operating income increased 0.4% over the fourth quarter of 2010 to $44.6 million; adjusted operating income* increased 31.2% to $73.0 million with adjusted operating income margin* expanding 620 basis points
to 43.3%

Net income increased $26.8 million over the fourth quarter of 2010 to $11.6 million; adjusted net income increased 36.6% to $36.2 million

Diluted earnings per pro forma common share* was $0.10; diluted adjusted earnings per pro forma common share* was $0.30; on a 13-week basis, diluted adjusted earnings per pro forma common share was $0.28

Dunkin' Donuts U.S. comparable store sales were up 5.1% and Baskin-Robbins U.S. comparable store sales were up 0.5%

601 net new Dunkin' Donuts and Baskin-Robbins locations globally bringing Dunkin' Brands total points of distribution to 16,794 as of year end

Revenues increased 8.8% to $628.2 million from $577.1 million in fiscal year 2010 (revenues increased 7.5% on a 52-week basis)

Operating income increased 6.1% to $205.3 million; adjusted operating income increased 16.2% to $270.7
million with adjusted operating income margin expanding 270 basis points to 43.1%

Net income increased 28.2% to $34.4 million; adjusted net income increased 15.9% to $101.7 million

Diluted earnings per pro forma common share was $0.32; diluted adjusted earnings per pro forma common share was $0.94; on a 52-week basis, diluted adjusted earnings per pro forma common share was $0.93

Worldwide system-wide sales growth in the fourth quarter was primarily attributable to Dunkin' Donuts U.S. comparable store sales growth (which includes stores open 54 weeks or more), global store development, growth in
Baskin-Robbins international sales, and the impact of the extra week in 2011.

Dunkin' Donuts U.S. comparable store sales gains in the fourth quarter were driven by increased average ticket and higher traffic resulting from strong beverage sales growth; differentiated breakfast sandwich limited time offers, including the Smoked Sausage Breakfast Sandwich; sales of Dunkin' Donuts K-Cup portion packs; and the "What Are You Drinkin'" marketing campaign. Baskin-Robbins U.S. comparable store sales growth was driven by new product news around holiday cakes and cake bites as well as improvements in operational execution.

In the fourth quarter, Dunkin' Brands franchisees and licensees opened 120 net new Dunkin' Donuts locations in the U.S. -- with more than 80 percent of net openings located outside of the brand's core markets — and 184 net Dunkin' Donuts and Baskin-Robbins locations outside the U.S. Additionally, Dunkin' Donuts U.S. franchisees remodeled 248 restaurants during the quarter and 636 during fiscal year 2011.

Revenues grew by 12.5 percent, or 7.2 percent on a 13-week basis, in the fourth quarter compared to the fourth quarter of 2010, primarily from increased royalty income driven by the increase in system-wide sales, as well as sales of ice cream products.

Operating income was modestly favorable over the fourth quarter of 2010 as a result of the increase in revenues offset by an $18.8 million net non-cash impairment charge related to the Company's investment in the South Korean joint venture, driven by the performance of the Dunkin' Donuts business in that country. Adjusted operating income grew 31.2 percent as a result of the leverage enabled by 12.5 percent revenue growth and minimal expense growth.

Net income increased by $26.8 million compared to the fourth quarter of 2010 as a result of a decrease in loss on debt extinguishment and costs associated with the Company's refinancing in November 2010, offset by an increase in tax expense. Adjusted net income increased $9.7 million, or 36.6 percent, resulting primarily from increased adjusted operating income and a decrease in interest expense, partially offset by an increase in tax expense.

"We had an outstanding 2011, delivering full-year results which exceeded our long-term targets for both revenue and adjusted operating income," said Neil Moses, Dunkin' Brands Chief Financial Officer. "Our asset-light franchised business model produced significant revenue growth, high margins and strong free cash flow — as evidenced by the more than $100 million in cash we generated in 2011. We are excited about our prospects and remain focused on executing our growth strategies and delivering shareholder value."

*Adjusted operating income, adjusted operating income margin, and adjusted net income are non-GAAP measures reflecting operating income, operating income margin, and net income, determined in accordance with GAAP, as adjusted for certain items. Diluted earnings and adjusted earnings per pro forma common share are also non-GAAP measures reflecting the conversion of Class L common stock as if the conversion were completed at the beginning of the respective fiscal periods. These non-GAAP measures are more fully described
below our key financial highlights.

FOURTH QUARTER 2011 KEY FINANCIAL HIGHLIGHTS

($ in millions, except per share data)

Quarter 4

Increase (Decrease)

2011

2010

$/#

%

(14 weeks)

(13 weeks)

Systemwide Sales Growth

15.0%

8.2%

DD U.S. Comparable Store Sales Growth

7.4%

4.7%

BR U.S. Comparable Store Sales Growth

5.8%

-0.8%

Consolidated Net POD Development

269

146

123

84.2%

DD Global PODs at period end

10,083

9,760

323

3.3%

BR Global PODs at period end

6,711

6,433

278

4.3%

Consolidated Global PODs at period end

16,794

16,193

601

3.7%

Revenues

$ 168.5

149.8

18.7

12.5%

Operating Income

44.6

44.4

0.2

0.4%

Adjusted Operating Income*

73.0

55.7

17.3

31.2%

Net Income (Loss)

11.6

(15.3)

26.8

n/a

Adjusted Net Income*

36.2

26.5

9.7

36.6%

Earnings (Loss) Per Share - Basic and Diluted

Class L

n/a

$ 1.18

n/a

n/a

Common

$ 0.10

(1.02)

1.12

n/a

Diluted Adjusted Earnings per Pro Forma Common

Share*

$ 0.30

0.27

0.03

11.1%

Pro Forma Weighted Average Number of Common

Shares — Diluted (in millions)

121.0

97.2

23.80

24.5%

(amounts and percentages may not recalculate due to rounding)

FISCAL YEAR 2011 KEY FINANCIAL HIGHLIGHTS

($ in millions, except per share data)

Fiscal Year

Increase (Decrease)

2011

2010

$/#

%

(53 weeks)

(52 weeks)

Systemwide Sales Growth

9.1%

6.7%

DD U.S. Comparable Store Sales Growth

5.1%

2.3%

BR U.S. Comparable Store Sales Growth

0.5%

-5.2%

Consolidated Net POD Development

601

800

(199)

-24.9%

DD Global PODs at period end

10,083

9,760

323

3.3%

BR Global PODs at period end

6,711

6,433

278

4.3%

Consolidated Global PODs at period end

16,794

16,193

601

3.7%

Revenues

$ 628.2

577.1

51.1

8.8%

Operating Income

205.3

193.5

11.8

6.1%

Adjusted Operating Income*

270.7

233.1

37.7

16.2%

Net Income

34.4

26.9

7.6

28.2%

Adjusted Net Income*

101.7

87.8

14.0

15.9%

Earnings (Loss) Per Share - Basic and Diluted

Class L

$ 6.14

4.87

1.27

26.1%

Common

$ (1.41)

(2.04)

0.63

30.9%

Diluted Adjusted Earnings per Pro Forma Common

Share*

$ 0.94

0.90

0.04

4.4%

Pro Forma Weighted Average Number of Common

Shares — Diluted (in millions)

107.7

97.1

10.60

10.9%

(amounts and percentages may not recalculate due to rounding)

* Adjusted operating income, adjusted operating income margin, and adjusted net income are non-GAAP measures reflecting operating income, operating income margin, and net income, determined in accordance with GAAP, further adjusted for amortization of intangible assets, impairment charges, and other non-recurring items, net of the tax impact of such adjustments. Diluted earnings per pro forma common share and diluted adjusted earnings per pro forma common share are non-GAAP measures, calculated using net income and adjusted net income, respectively, and give effect to the conversion of Class L common stock as if the conversion were completed at the beginning of the respective fiscal period. Please refer to "Non-GAAP Measures and Statistical Data," "Dunkin'
Brands Group, Inc. Non-GAAP Reconciliations," and "Dunkin' Brands Group, Inc. Diluted Earnings and Adjusted Earnings per Pro Forma Common Share" for further detail.

Conference Call

As previously announced, Dunkin' Brands will be holding a conference call today at 8:00 am ET hosted by Chief Executive Officer, Nigel Travis, and Chief Financial Officer, Neil Moses. The dial-in number is (866) 393-1607 or (914) 495-8556, conference number 45920513. Dunkin' Brands will broadcast the conference call live over the Internet at http://investor.dunkinbrands.com. A replay of the conference call will be available on the Company's website at http://investor.dunkinbrands.com.

The Company's consolidated statements of operations, condensed consolidated balance sheets, condensed consolidated statements of cash flows and other additional information have been provided with this press release. This information should be reviewed in conjunction with this press release.

Forward-Looking Statements

Certain statements contained herein are not based on historical fact and are "forward-looking statements" within the meaning of the applicable securities laws and regulations. Generally, these statements can be identified by the use of words such as "anticipate," "believe," "could," "estimate," "expect," "feel," "forecast," "intend," "may," "plan," "potential," "project," "should," "would," and similar expressions intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These risk and uncertainties include, but are not limited to: the ongoing level of
profitability of franchisees and licensees; changes in working relationship with our franchisees and licensees and the actions of our franchisees and licensees; our master franchisees' relationships with sub-franchisees; the strength of our brand in the markets in which we compete; changes in competition within the quick service restaurant segment of the food industry; changes in consumer behavior resulting from changes in technologies or alternative methods of delivery; economic and political conditions in the countries where we operate; our substantial indebtedness; our ability to protect our intellectual property rights; consumer preferences, spending patterns and demographic trends; the success of our growth strategy and international development; changes in commodity and food prices, particularly coffee, dairy products and sugar, and the other operating costs; shortages of coffee;
failure of our network and information technology systems; interruptions or shortages in the supply of products to our franchisees and licensees; inability to recover our capital costs; changes in political, legal, economic or other factors in international markets; termination of a master franchise agreement or contracts with the U.S. military; currency exchange rates; the impact of food borne-illness or food safety issues or adverse public or medial opinions regarding the health effects of consuming our products; our ability to collect royalty payments from our franchisees and licensees; uncertainties relating to litigation; changes in regulatory requirements to our and our franchisees and licensees ability to comply with current or future regulatory requirements; review and audit of certain of our tax returns; the ability of our franchisees and licensees to open new restaurants and
keep existing restaurants in operation; our ability to retain key personnel; any inability to protect consumer credit card data and catastrophic events.

Forward-looking statements reflect management's analysis as of the date of this press release. Important factors that could cause actual results to differ materially from our expectations are more fully described in our other filings with the Securities and Exchange Commission, including under the section headed "Risk Factors" in our prospectus filed with the Securities and Exchange Commission on November 17, 2011. Except as required by applicable law, we do not undertake to publicly update or revise any of these forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Measures and Statistical Data

In addition to the GAAP financial measures set forth in this press release, the Company has provided certain non-GAAP measurements, adjusted operating income, adjusted operating income margin, adjusted net income, diluted earnings per pro forma common share, and diluted adjusted earnings per pro forma common share which present operating results on a basis adjusted for certain items and/or reflecting the conversion of Class L common stock into common. The Company uses these non-GAAP measures as key performance measures for the purpose of evaluating performance internally. We also believe these non-GAAP measures provide our investors with useful information regarding our historical operating results.These non-GAAP measurements are not intended to replace the presentation of our financial results in accordance with GAAP. Use of the terms adjusted operating income, adjusted
operating income margin, adjusted net income, and diluted earnings per pro forma common share, diluted adjusted earnings per pro forma common share may differ from similar measures reported by other companies. Adjusted operating income, adjusted operating income margin, and adjusted net income are reconciled from the respective measures determined under GAAP in the attached table "Dunkin' Brands Group, Inc. Non-GAAP Reconciliation."

On August 1, 2011, the Company completed an initial public offering in which 22,250,000 shares of common stock were sold at an initial public offering price of $19.00 per share. Immediately prior to the offering, each share of the Company's Class L common stock converted into 2.4338 shares of common stock. The number of common shares used in the calculations of diluted earnings per pro forma common share and diluted adjusted earnings per pro forma common share for the fiscal year ended December 31, 2011 and the three months and fiscal year ended December 25, 2010 give effect to the conversion of all outstanding shares of Class L common stock at the conversion factor of 2.4338 common shares for each Class L share, as if the conversion was completed at the beginning of the respective fiscal period.
The calculations of diluted earnings per pro forma common share and diluted adjusted earnings per pro forma common share also include the dilutive effect of common restricted shares and stock options, using the treasury stock method. Shares sold in the offering are included in the diluted earnings per pro forma common share and diluted adjusted earnings per pro forma common share calculations beginning on the date that such shares were actually issued. Diluted adjusted earnings per pro forma common share is calculated using adjusted net income, as defined above. See the attached table "Dunkin' Brands Group, Inc. Diluted Earnings and Adjusted Earnings per Pro Forma Common Share" for further detail.

Additionally, the Company has included metrics such as worldwide system-wide sales growth, comparable store sales growth and points of distribution, which are commonly used statistical measures in the quick-service restaurant industry and are important to understanding Company performance.

The Company uses "System-wide sales growth" to refer to the percentage change in sales at both franchisee- and company-owned restaurants from the comparable period of the prior year. Changes in system-wide sales are driven by changes in average comparable store sales and changes in the number of restaurants.

The Company uses "DD U.S. comparable store sales growth" and "BR U.S. comparable store sales growth," which are calculated by including only sales from franchisee- and company-owned restaurants that have been open at least 54 weeks and that have reported sales in the current and comparable prior year week.

Fiscal year 2011 and the fourth quarter of 2011 include 53 weeks and 14 weeks, respectively. Certain financial measures and other metrics in this release have been presented on a 52-week and 13-week basis for fiscal year 2011 and the fourth quarter of 2011, respectively, to provide improved comparability to the respective prior year periods. Such financial measures and metrics reflect our estimate of the impact of the additional week on system-wide sales, revenues, and expenses.

About Dunkin' Brands

With more than 16,500 points of distribution in nearly 60 countries worldwide, Dunkin' Brands Group, Inc. (Nasdaq: DNKN) is one of the world's leading franchisors of quick service restaurants (QSR) serving hot and cold coffee and baked goods, as well as hard-serve ice cream. At the end of 2011, Dunkin' Brands' nearly 100 percent franchised business model included more than 10,000 Dunkin' Donuts restaurants and more than 6,500 Baskin-Robbins restaurants. For the full-year 2011, the company had system-wide sales of approximately $8.4 billion. Dunkin' Brands Group, Inc. is headquartered in Canton, Mass.

(a) The $19.8 million impairment charge recorded in the fourth quarter of 2011 relates to our investment in the South Korea joint venture, and resulted from declines in operating performance in the Dunkin' Donuts business in that country. The impairment charge was allocated to the underlying intangible and long-lived assets of the joint venture, which resulted in a reduction in depreciation and amortization, net of tax, (and a reduction in the equity in net loss of joint ventures) of $1.0 million in the fourth quarter of 2011.

DUNKIN' BRANDS GROUP, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

December 31,

December 25,

Assets

2011

2010

Current assets:

Cash and cash equivalents

$

246,715

134,100

Accounts, notes, and other receivable, net

58,787

79,943

Other current assets

100,972

70,334

Total current assets

406,474

284,377

Property and equipment, net

185,360

193,273

Investments in joint ventures

164,636

169,276

Goodwill and other intangible assets, net

2,398,211

2,424,312

Other assets

69,337

76,050

Total assets

$

3,224,018

3,147,288

Liabilities, Common Stock, and Stockholders' Equity (Deficit)

Current liabilities:

Current portion of long-term debt

$

14,965

12,500

Accounts payable

9,651

9,822

Other current liabilities

291,924

258,233

Total current liabilities

316,540

280,555

Long-term debt, net

1,453,344

1,847,016

Deferred income taxes, net

578,660

586,337

Other long-term liabilities

129,538

127,139

Total long-term liabilities

2,161,542

2,560,492

Common stock, Class L

—

840,582

Total stockholders' equity (deficit)

745,936

(534,341)

Total liabilities, common stock, and stockholders' equity (deficit)

$

3,224,018

3,147,288

DUNKIN' BRANDS GROUP, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

Fiscal year ended

December 31,

December 25,

2011

2010

Cash flows from operating activities:

Net income

$

34,442

26,861

Adjustments to reconcile net income to net cash provided by operating

activities:

Depreciation and amortization

52,522

57,826

Loss on debt extinguishment and refinancing transactions

34,222

61,955

Deferred income taxes

(11,363)

(28,389)

Equity in net loss (income) of joint ventures

3,475

(17,825)

Dividends received from joint ventures

7,362

6,603

Other non-cash adjustments, net

9,126

10,997

Change in operating assets and liabilities:

Restricted cash

—

101,675

Accounts, notes, and other receivables, net

19,123

(11,815)

Other current liabilities

17,904

29,384

Liabilities of advertising funds, net

(3,572)

(346)

Other, net

(538)

(7,922)

Net cash provided by operating activities

162,703

229,004

Cash flows from investing activities:

Additions to property and equipment

(18,596)

(15,358)

Other, net

(1,211)

(249)

Net cash used in investing activities

(19,807)

(15,607)

Cash flows from financing activities:

Proceeds from (repayment of) long-term debt, net

(404,608)

388,390

Payment of deferred financing and other debt-related costs

(20,087)

(34,979)

Proceeds from initial public offering, net of offering costs

389,961

—

Proceeds from issuance of common stock, net

3,213

895

Repurchases of common stock

(286)

(3,890)

Dividends paid on Class L common stock

—

(500,002)

Change in restricted cash

—

16,144

Other, net

1,733

859

Net cash used in financing activities

(30,074)

(132,583)

Effect of exchange rates on cash and cash equivalents

(207)

76

Increase in cash and cash equivalents

112,615

80,890

Cash and cash equivalents, beginning of period

134,100

53,210

Cash and cash equivalents, end of period

$

246,715

134,100

DUNKIN' BRANDS GROUP, INC.

Diluted Earnings and Adjusted Earnings per Pro Forma Common Share

(Unaudited)

Three months ended

Fiscal year ended

December 31,

December 25,

December 31,

December 25,

2011

2010

2011

2010

Diluted earnings per pro forma common share:

Net income (in thousands)

$

11,591

(15,256)

34,442

26,861

Pro forma weighted average number of common shares — diluted:

Weighted average number of Class L shares over period in which Class L shares were outstanding (a)

-

22,804,162

22,845,378

22,806,796

Adjustment to weight Class L shares over respective fiscal period (a)

-

-

(9,790,933)

-

Weighted average number of Class L shares over respective fiscal period

The weighted average number of Class L shares in the actual Class L earnings per share calculation for the fiscal year ended December 31, 2011 represents the weighted average from the beginning of the period up through the date of conversion of the Class L shares into common shares. As such, the pro forma weighted average number of common shares includes an adjustment to the weighted average number of Class L shares outstanding to reflect the length of time the Class L shares were outstanding prior to conversion relative to the twelve month period. The converted Class L shares
are already included in the weighted average number of common shares outstanding for the period after their conversion.

(b)

Represents the dilutive effect of restricted shares and stock options, using the treasury stock method.

(c)

The three months and fiscal year ended December 31, 2011 include 14 weeks and 53 weeks, respectively, as compared to 13 weeks and 52 weeks for the three months and fiscal year ended December 25, 2010, respectively. The impact of the extra week in the three months and fiscal year ended December 31, 2011 reflects our estimate of the additional week in those fiscal periods on certain revenues and expenses, net of tax.

DUNKIN' BRANDS GROUP, INC.

Non-GAAP Reconciliations

(In thousands)

(Unaudited)

Three months ended

Fiscal year ended

December 31,

December 25,

December 31,

December 25,

2011

2010

2011

2010

Total revenues

$

168,505

149,776

628,198

577,135

Impact of extra week (a)

(8,005)

—

(8,005)

—

Total revenues, 13-week / 52-week basis

$

160,500

149,776

620,193

577,135

Operating income

$

44,567

44,380

205,309

193,525

Operating income margin

26.4%

29.6%

32.7%

33.5%

Adjustments:

Sponsor termination fee

—

—

14,671

—

Amortization of other intangible assets

6,919

7,152

28,025

32,467

Impairment charges

840

4,120

2,060

7,075

Korea joint venture impairment, net (b)

18,776

—

18,776

—

Secondary offering costs

1,899

—

1,899

—

Adjusted operating income

$

73,001

55,652

270,740

233,067

Adjusted operating income margin

43.3%

37.2%

43.1%

40.4%

Net income (loss)

$

11,591

(15,256)

34,442

26,861

Adjustments:

Sponsor termination fee

—

—

14,671

—

Amortization of other intangible assets

6,919

7,152

28,025

32,467

Impairment charges

840

4,120

2,060

7,075

Korea joint venture impairment, net (b)

18,776

—

18,776

—

Secondary offering costs

1,899

—

1,899

—

Loss on debt extinguishment and refinancing transactions

—

58,262

34,222

61,955

Tax impact of adjustments (c)

(3,863)

(27,814)

(32,351)

(40,599)

Adjusted net income

$

36,162

26,464

101,744

87,759

(a)

The three months and fiscal year ended December 31, 2011 include 14 weeks and 53 weeks, respectively, as compared to 13 weeks and 52 weeks for the three months and fiscal year ended December 25, 2010, respectively. The impact of the extra week in the three months and fiscal year ended December 31, 2011 reflects our estimate of the additional week in those fiscal periods on certain revenues.

(b)

Amount consists of an impairment of the investment in the Korea joint venture of $19.8 million, less a reduction in depreciation and amortization, net of tax, of $1.0 million resulting from the allocation of the impairment charge to the underlying intangible and long-lived assets of the joint venture.

(c)

Tax impact of adjustments calculated at a 40% effective tax rate for each period presented, excluding the Korea joint venture impairment charge in fiscal year 2011 as there was no tax impact related to that charge.